Cardano (ADA) has proven itself to be a top-tier blockchain. It is currently the 9th largest crypto by market capitalization, with a value shy of $9 billion at press time. Although ADA has faced criticism for delayed launches, the network has come a long way. Now, Cardano (ADA) might be trading at rates lower than its worth, as pointed out by the community.
According to @sanr_king, a community member from the crypto analysis firm Santiment, ADA might be severely undervalued. The member bases his opinion on two charts. Firstly, the user points out the divergence in whale activity and price. Whale and shark addresses holding 100k to 10 million ADA are accumulating very aggressively. However, the same does not reflect an upward movement in Cardano’s price.
Secondly, the user points out that there are signs of exhaustion among sellers. With every price decrease, there are fewer and fewer coins moving at a loss. Investors are holding on to their coins even when Cardano’s price is down.
Additionally, the way the market is trading suggested that there is a volume disparity. This indicates that buying activity will catch up in the upcoming weeks.
Will Cardano prices move up anytime soon?
Based on the three arguments stated above, ADA’s price should ideally move up in the coming months. However, it is challenging to appropriately judge the reliability of this study in the absence of further information.
Furthermore, the crypto markets are correlated, with Bitcoin (BTC). Without BTC making a recovery in the charts, it is unlikely that ADA would move.
Nonetheless, Cardano has made serious headway on the development front. According to Santiment, Cardano (ADA) has the highest development activity. The analytics company indicated that ADA experienced 18% greater development than Polkadot (DOT).
At press time, ADA was trading at $0.255929, down by 3% in the last 24 hours.